No Volume, page-76

SSW

The opex figure was derived directly from their BBM Definitive Feasibility Study Confirms Viability announcement.Need to include royalties and financing fees naturally

Coking coal back at $125/t+ and CKA are in the sweet spot

This is good because coking coal seems to be bottoming, with some major mine closures and lay offs helping to absorb excess supply. Would explain why the activity of late in UNV and COK, also why WHC has broken downtrend

Now we have seen nickel move 8%+ in a month, Uranium 10% in August and I/O have a pretty sharp bounce earlier in the year

A 10% bounce in met coal price would see it at USD$130/t+, where we are well and truly making money